Air Liquide: 2Q/1H preview – re-rating looks ahead of fundamentals; stay Neutral

Research evidence excerpt

Air Liquide: 2Q/1H preview – re-rating looks ahead of fundamentals; stay Neutral

J P M O R G A N Europe Equity Research

09 July 2026

Air Liquide Neutral

AIRP.PA, AI FP

2Q/1H preview – re-rating looks ahead of fundamentals; Price (08 Jul 26):€173.68

stay Neutral ▼Price Target (Dec-27):€160.00 Prior (Dec-27):€175.00

Air Liquide shares are up 19% YTD (sector +12%), driving a further re-rating

to ~28x/25x FY26/27E P/E versus a long-term median of ~20x. The multiple appears European Chemicals

to discount an inflection in organic sales growth (OSG), which has remained relatively Chetan Udeshi, CFA AC

modest (around +2% YoY) in recent quarters. We expect 2Q to be broadly in line, (44-20) 7742-7034

with no clear evidence yet of a material acceleration in OSG, which leaves limited chetan.x.udeshi@jpmorgan.com

upside after the re-rating. We raise FY26/27E adjusted EPS by ~1% (see Table 2) on Angelina Glazova, CFA

more favourable FX assumptions; our new estimates remain ~3-4% below Vara (44-20) 7134-8379

angelina.glazova@jpmorgan.com

consensus. We maintain our Neutral rating and adjust our price target to €160 (from J.P. Morgan Securities plc

€175) to reflect the higher share count following the recent bonus share issue.

Specialist Sales contact details:

• 2Q/1H preview: We estimate group OSG of +2.6% YoY versus Bloomberg

consensus of +3.5% (with relatively few contributors). This would be a modest Sam Edmunds - Specialist Sales -

European Industrials

step up from +1.9% YoY in 1Q, driven by (i) a pick-up in Electronics on strong (44-20) 7742-8733

semiconductor capex trends and (ii) higher pricing in the merchant business sam.edmunds@jpmorgan.com

amid a more inflationary backdrop in 2Q. For 1H, we estimate adjusted EBIT

Key Changes (FYE Dec)